Employers with pension, insurance for workers hit 15,800 in March- PenCom

Nike Popoola

No fewer than 15,800 employers got insurance and pension covers for their employees by at the end of March 28, 2024.

Figures obtained by Daily Economy from the National Pension Commission (PenCom), on, ‘Schedule of employers issued with certificate of compliance with provisions of the PRA 2014 as at 20 March, 2024, revealed.

PenCom also revealed that it issued compliance certificates to the employers.

The certificates given to the employers allows them to do business with the Federal Government.

This is for complying with the National Pension Act’s laws which stipulates that employers with at least three employees must have pension accounts and life insurance cover for their employees.

PenCom’s directive on issuance of certificate of compliance with the provisions of the Pension Reform Act 2014 to the general public, suppliers, contractors or consultants bidding or soliciting for contract or business from any Federal Government ministries, departments and agencies, states that employers must fully comply with the provisions of the law.

It states that, “In that regard, the commission issues annual Pension Clearance Certificate to eligible
organisations.

“The MDAs are reminded to ensure that only Pension Clearance Certificates issued by the commission are accepted as evidence of compliance with the Pension Reform Act 2014.”

In the directive, PenCom state that in accordance with the provisions of Section 4(5) of the 2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 are required to submit copies of the insurance certificates with the schedule of benefits to the commission.